Auction activity increases for second consecutive week | The Real Estate Wrap with Leanne Pilkington

July 25, 2022 |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO of Laing+Simmons and Deputy President of the Real Estate Institute of Australia.

In Sydney, 678 homes were taken to auction this week, up from 638 over the previous week and 585 this time last year.

Of the 530 results collected so far, 56.6% were successful.

This was down slightly from last week’s preliminary clearance rate of 56.9%, which was revised down to 54% in the final figures.

This time last year, 72.8% of auctions were successful. CoreLogic notes withdrawal rates remain high across Sydney.

This week 25.1% of the 530 results collected so far were reported as withdrawn, holding above 20% for the fifth consecutive week.

TRANSCRIPT:

Hi everyone, Leanne Pilkington with you back from beautiful Bali to foggy Sydney, as you can see behind me, for this week’s Real Estate Wrap week commencing the 25th of July.

This weekend, 678 properties went up for auction at a preliminary clearance rate of 56.6%. Auction numbers were up a little bit over last week.

Last week it was 638 properties went up for auction, final clearance rate of 54%.

Same weekend last year only 530 properties with a clearance rate of 72.8%.

We’re still seeing a high number of properties withdrawing prior to auction 25% this week. That’s an indication of one of two things; not enough buyers around or vendors not prepared to meet the market. And that’s the reality of where we’re at right now.

Across Australia, 1,818 properties went up for auction, which is up nearly 8% on last week and the preliminary clearance rate was 56.1%.

In New South Wales, our highest clearance rate was in the eastern suburbs, 67.4%. The lowest was Blacktown at 41.2%.

We are still expecting more interest rate rises, so we’ve still got another few months the banks sort of indicating of those increases, but we are still seeing properties being listed and selling at auction and of course also private trading. So the market goes on despite what’s going on around it.

I hope you have an awesome week and I’ll see you next week. Bye!

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